WE GOT THOSE MORTGAGE RATE IMPROVEMENTS WE WERE EXPECTING YESTERDAY! Reports from fellow mortgage professionals indicate lender rate sheets to be at their best levels in a month. While the most aggressive lenders were offering 4.75% today, most lenders still have 30 year conventional par mortgage rates in the 4.875% to 5.125% range for well qualified consumers. To secure a par rate you must have a FICO credit score of 740 or higher, a loan to value at 80% or less and pay all closing costs including an estimated one point loan origination/discount/broker fee. While I am comfortable with a float recommendation into next week, I must share with you that we are very defensive of these mortgage rate improvements. We don't see gains being a long lasting trend. With that in mind, if you are closing in the next month, you should be looking to lock in soon. If you are a "fence sitter" or have an Interest Only ARM that is about to adjust, you should be considering a refinance before interest rates start rising. I hope its obvious how defensive we are...floating one day at a time....